What are your thoughts on Bitcoin?

@koreymoffett Bitcoin is a brilliant proof of concept. Its algorithmic inefficiency, however, means it's controlled by the wealthy by its very nature, and wastes tremendous amounts of resources.

@wizzwizz4 @koreymoffett
Bitcoin is not controlled by miners, see history of movement.

Also, "wastes" energy by creating hardest money ever, as opposed to military-idustrial-complex-based fiat (measure it's "waste").

Miners has incentive to use cheapest electricity, starting to use vented gas:
crusoeenergy.com/
upstreamdata.ca/
upstreamdata.ca/post/natural-g
Some more context:
twitter.com/Beetcoin/status/11

Also, some very important use cases:
reason.com/video/2021/02/05/bi

@Talkless @koreymoffett Bitcoin miners have literally bought coal-burning power stations that were being decommissioned. The incentives are for them to use the cheapest electricity that's available to them, which is usually fossil fuels without any externality reduction.

And yes, it wastes energy. Bitcoin isn't money, because money's accepted value doesn't change orders of magnitude in a day whenever Elon Musk tweets something.

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@Talkless @koreymoffett You're comparing Bitcoin against its weakest alternative, and it doesn't even unequivocally beat it.

@wizzwizz4 @koreymoffett And it just had beat it in a ~12 years, a basically "grassroots" movement of mostly geeks? Only now it starts to get traction as treasury reserve, for example, and it's still lot's of progress to make to become money you criticizer it is not. Yes, it's very little used as medium of exchange (but growing), and using it as unit of account is usless, as for your volatility comment. That's true. But again, it just *had* to achieve this without government help, in 10 years?

@Talkless @koreymoffett I like Bitcoin for its trend-setting. But the actual implementation is bad, and we should move to better things as soon as possible.

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